October 23, 2015IRS Announces 2016 Qualified Plan Limits
The IRS has released its updated qualified plan limits for 2016. Little has changed that would affect a qualified plan this time around. Some of the key limits remain as follows for 2016:
The compensation limit remains $265,000.
The deferral limit for 401(k), 457(b), and 403(b) plans remains unchanged, at $18,000.
Age 50 catch-up remains $6,000.
The limitation used for defining highly-compensated employees remains $120,000.
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